Mirrabooka Investments Ltd · ASX:MIR
Mirrabooka Investments — Shareholder Meeting (October 2014)
25 slides from Mirrabooka Investments's shareholder meeting presentation, Oct 6, 2014
Slide 1: 2014 Annual General Meeting Presentation
For personal use only 6 October 2014 The Manager ASX Market Announcements Australian Securities Exchange Exchange Centre Level 4 20 Bridge Street Sydney NSW 2000 Electronic Lodgement Mirrabooka Investments Limited 2014 Annual General Meeting Presentation Dear Sir / Madam The following presentation w
Slide 2: Annual General Meeting 2014
For personal use only ANNUAL GENERAL MEETING 2014
Slide 3: Disclaimer
DISCLAIMER For personal use only Mirrabooka Investments Limited, its related entities and each of their respective directors, officers and agents (together the Disclosers) have prepared the information contained in these materials in good faith. However, no warranty (express or implied) is made as t
Slide 4: Financial Summary 2014
FINANCIAL SUMMARY 2014 For personal use only * 2013 included $1.9 million of after tax gains in the market value of Hastings Diversified Utilities Fund. ANNUAL GENERAL MEETING 2014
Slide 5: Realised Gains Funding Dividends – Likely to Continue Given Portfolio Adjustments
REALISED GAINS FUNDING DIVIDENDS – LIKELY TO CONTINUE GIVEN PORTFOLIO ADJUSTMENTS For personal use only ANNUAL GENERAL MEETING 2014
Slide 6: Mid Cap Stocks Outperformed Over the Year - % Change
MID CAP STOCKS OUTPERFORMED OVER THE YEAR - % CHANGE For personal use only ANNUAL GENERAL MEETING 2014
Slide 7: However Small Caps Have Outperformed in a Mixed Start to the Financial Year
HOWEVER SMALL CAPS HAVE OUTPERFORMED IN A MIXED START TO THE FINANCIAL YEAR - % CHANGE For personal use only ANNUAL GENERAL MEETING 2014
Slide 8: Price Earnings Ratios Up Sharply
PRICE EARNINGS RATIOS UP SHARPLY Mid Cap Index For personal use only Small Ordinaries Index 17.3x 16.5x 13.8x 13.1x ANNUAL GENERAL MEETING 2014
Slide 9: Top Contributors by Value to Annual Portfolio Performance to 30 June 2014
TOP 5 CONTRIBUTORS BY VALUE TO ANNUAL PORTFOLIO PERFORMANCE T0 30 JUNE 2014 For personal use only • iProperty • James Hardie Industries • Tassal Group • Bega Cheese • Equity Trustees ANNUAL GENERAL MEETING 2014
Slide 10: What We Have Been Doing With the Portfolio
WHAT WE HAVE BEEN DOING WITH THE PORTFOLIO For personal use only • Lightening off holdings in ‘top 50 companies’ • Reduced some exposure to stocks that have had strong share price appreciation • A number of new holdings added • Very selective participation in IPO’s • Held a higher level of cash than
Slide 11: Top Holdings at August 2014 Represent 30.0% of the Portfolio
TOP 10 HOLDINGS AT 31 AUGUST 2014 REPRESENT 30.0% OF THE PORTFOLIO (EXCLUDING CASH) For personal use only * Indicates that options were outstanding against part the holding. ANNUAL GENERAL MEETING 2014
Slide 12: Next Holdings at August 2014 Represent 19.7% of the Portfolio
NEXT 10 HOLDINGS AT 31 AUGUST 2014 REPRESENT 19.7% OF THE PORTFOLIO (EXCLUDING CASH) For personal use only * Indicates that options were outstanding against part the holding. ANNUAL GENERAL MEETING 2014
Slide 13: Mirrabooka's Portfolio – Per Annum Returns to August 2014
MIRRABOOKA’S PORTFOLIO – PER ANNUM RETURNS TO 31 AUGUST 2014 For personal use only After tax and expenses. Ignores benefits of franking and LIC tax credits. ANNUAL GENERAL MEETING 2014
Slide 14: Franking Credits Also Add Significantly to Returns
FRANKING CREDITS ALSO ADD SIGNIFICANTLY TO RETURNS* – PER ANNUM RETURNS TO 31 AUGUST 2014 For personal use only * Assumes an investor can take full advantage of the franking credits. ANNUAL GENERAL MEETING 2014
Slide 15: Impact of Recent Market Movements on Net Asset Backing (NTA)
IMPACT OF RECENT MARKET MOVEMENTS ON NET ASSET BACKING (NTA) For personal use only • MIR’s NTA at the end of September was $2.20, down 5.1% on the month vs the combined indices down 5.6%. • Best performers: Qube, Clearview Wealth, Nufarm and Alumina • Underperformers: ALS, iProperty and iCar Asi
Slide 16: Major Purchases April 2014 to August 2014
MAJOR PURCHASES 1 APRIL 2014 TO 31 AUGUST 2014 For personal use only new to portfolio new to portfolio new to portfolio participation in rights issue ANNUAL GENERAL MEETING 2014
Slide 17: Freedom Foods
FREEDOM FOODS For personal use only • Diversified food operations in health foods, food packaging and dairy exports • Exposure to fast growing ‘free from’ foods category (nuts, gluten, genetically modified ingredients) through dedicated facility in Leeton • State of the art UHT dairy plant in Sheppa
Slide 18: Lifestyle Communities
LIFESTYLE COMMUNITIES For personal use only • Develop and manage land lease communities which generate long- term sustainable revenue streams • Focused on affordable housing for the over 55s market • 1,628 sites either under development or management • Residents own their home and lease the land upo
Slide 19: ResMed
RESMED For personal use only • The largest global manufacturer of medical devices used in the treatment of sleep disordered breathing • Strong global presence with 54% sales in the Americas, 36% in Europe, 10% in Asia Pacific • Possible extension to other conditions such as heart failure ANNUAL GENE
Slide 20: Major Sales from April 2014 to August 2014 Were in Top 50 Stocks
MAJOR SALES FROM 1 APRIL 2014 TO 31 AUGUST 2014 WERE IN TOP 50 STOCKS For personal use only James Hardie Ramsay Healthcare Industries complete disposal Transurban Group Oil Search complete disposal ANNUAL GENERAL MEETING 2014
Slide 21: Mirrabooka's Share Price Performance Has Been Strong
MIRRABOOKA’S SHARE PRICE PERFORMANCE HAS BEEN STRONG – PER ANNUM RETURNS TO 31 AUGUST 2014 For personal use only ANNUAL GENERAL MEETING 2014
Slide 22: Mirrabooka's Share Price Performance Including Franking
MIRRABOOKA’S SHARE PRICE PERFORMANCE – PER ANNUM RETURNS TO 31 AUGUST 2014 INCLUDING FRANKING* For personal use only * Assumes an investor can take full advantage of the franking credits. ANNUAL GENERAL MEETING 2014
Slide 23: Share Price Is Trading at a High Premium to Net Asset Backing
SHARE PRICE IS TRADING AT A HIGH PREMIUM TO NET ASSET BACKING For personal use only ANNUAL GENERAL MEETING 2014
Slide 24: Outlook
OUTLOOK For personal use only • Many companies generating sound profit increases despite low economic growth • Market providing opportunities for ongoing portfolio adjustments • Cash position provides for appropriate investment flexibility in this environment • Investment team undertaking numerous c
Slide 25: Mirrabooka Investments Limited
* ¢- MIRRABOOKA * Investments Limited
Mirrabooka Investments — Shareholder Meeting (October 2014) on 6ix